Summary
Group life sales remain relatively flat for much of the market, but a few players have been able to develop fairly substantial growth in new business. Hartford Life Group and Liberty Life Assurance Co of Boston are two such companies. While they have different market shares, both writers say they're on similar growth tracks this year. Hartford's 2003 purchase of CNA Financial's group benefits business fueled its group life sales in 2004. Liberty Life Assurance Company of Boston took the product bundling route, positioning group life as a companion product to its existing disability customers. The two companies also increased the face amount of life insurance they issued in 2004. Hartford had a 102.9% growth in group life issued, while Liberty Life Assurance posted a more than 90% rise in new business growth that year, according to AM Best Co data.
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Group's Benefits
The number of group life writers has shrunk over the past several years, hut several dozen players remain in what was once a dispersed market, said Anita Potter, director of Limra International's Product Research Center.
While several large competitors jockey for position, the top 15 players still represent approximately 80% of the total in-force business written in the group life market, said Joe Zazzera, an A.M. Best Co. financial analyst. Numerous other carriers write much smaller amounts of business, diversif...See the full content of this document
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